LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped on Friday to 1.4 cents to $3.727, its lowest amount since July 15.
The average price has dropped on 58 of the past 59 days and is 5 cents
less than one week ago and 25.6 cents lower than one month ago, but 9.2 cents
more than one year ago, according to figures from the AAA and Oil Price
The average price has fallen 97.8 cents over the past 59 days, including 1.1 cents on Thursday. It decreased for 48 consecutive days, was unchanged Nov. 27 and resumed dropping the next day. Friday's decrease was the largest since Nov. 16.
The Orange County average price decreased today for the 60th consecutive
day, falling 1.2 cents to $3.693, its lowest amount since July 15. The Orange County average price has decreased 99.7 cents over the past 60 days, including seven-tenths of a cent on Thursday, after rising 51.3 cents over the previous six days to a record high of $4.69 on Oct. 8.
The Orange County average price is 4.7 cents less than one week ago and 22.7 cents lower than one month ago, but 8.7 cents more than one year ago.The streak of dropping prices is the longest since a 90-day streak from Sept. 16-Dec. 14, 2008.
"There is a lot more room for prices to fall, judging by wholesale gas prices,'' said Jeffrey Spring of the Automobile Club of Southern California. As of Wednesday, Los Angeles reformulated gasoline wholesale prices were $1.20 lower that the current Los Angeles average price. Normally the margin between wholesale prices and prices at the pump is much lower.''
From City News Service
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